Carmakers overwhelm market with fresh electric vehicles

Home > Industry Analysis > Content

【Summary】Some carmakers are flooding the market with new and nearly new Electric Vehicles (EVs), according to the National Association of Motor Auctions (NAMA). While the overall performance of EVs remains consistent, the car market is seeing prices fall. Light Commercial Vehicles (LCVs) and large vans have slowed down, possibly indicating maturity in the delivery sector. Dealers are adopting a targeted stock approach in preparation for an expected increase in demand in January.

FutureCar Staff Nov 24, 2023 3:16 PM PT

Carmakers overwhelm market with fresh electric vehicles

According to the National Association of Motor Auctions (NAMA), some car manufacturers are flooding the market with new and nearly new Electric Vehicles (EVs). The overall performance of EVs has remained consistent with previous months, although NAMA did not specify which brands are contributing to this trend.

The car market, in general, is experiencing falling prices, but EVs are showing resilience, with the exception of the small SUV sector. Dealers are adjusting their stock approach to prepare for an anticipated positive bounce in January.

NAMA also noted a slight decline in the Light Commercial Vehicles (LCV) sector, primarily due to seasonality. Surprisingly, the large van sector has slowed down, potentially indicating maturity in the parcel and home delivery industry.

Both the city and small van markets have seen a decline between July and October. Retail demand is down, and consumers are holding onto their vehicles for longer periods in search of better value for money.

Despite this, certain manufacturers are flooding the market with new and nearly new EVs. However, the overall performance of Battery Electric Vehicles (BEVs) remains consistent with previous months.

Auction houses have observed a trend of price realignment, with a slight increase in volume for November. Dealers are now adopting a more targeted approach to their stock in anticipation of a positive bounce in the new year, according to Paul Hill, NAMA Advisor.